Canada's main stock index sprang back to life on Monday from Friday’s massive losses, as investors drew comfort from a slowdown in coronavirus-related deaths and new cases in many parts of the world.
The TSX Composite Index hiked 654.40 points, or 5.1%, to end Monday’s session at 13,592.70.
The Canadian dollar gained 0.64 cents to 70.86 cents U.S.
Utility stocks led the pack Monday, with Boralex sprinting $2.76, or 11.5%, to $26.85, while Capital Power triumphed $2.30, or 9.6%, to $26.22.
Gold was on the "silver" podium, as it were, with Alacer Gold better by 86 cents, or 1.8%, $5.78, while B2Gold gained 49 cents, or 10.1%, to $5.36.
Health-care issues jumped $1.31, or 7%, to $20.04, while Bausch Health Companies popped $1.82, or 9.7%, to $20.62.
Death toll counts from the virus slowed across major European nations including France and Italy. U.S. President Donald Trump also said that his country was seeing a "leveling off" of the crisis. In Canada, the number of people killed by the coronavirus jumped by just over 20% to 258 in a day on Sunday.
Mid-afternoon EDT, however, came word that U.K. Prime Minister Boris Johnson, who had been in isolation due to the virus, had to be hospitalized in London and taken to intensive care.
ON BAYSTREET
The TSX Venture Exchange hiked 15.25 points, or 4%, to 399.19.
All 12 TSX subgroups remained positive on the day, with utilities vaulting 6.6%, gold brightening 5.9%, and health-care, improved 5.6%.
ON WALLSTREET
Stocks in the U.S. covered higher ground Monday, rebounding from the previous week’s steep losses, as number of new coronavirus cases appeared to be slowing down.
The Dow Jones Industrials popped 1,627.46 points, or 7.7%, to 22,679.99.
Stocks such as Boeing hiked 17.5% to lead the Dow, while Raytheon, American Express and VISA all picked up more than 10% each.
The broader S&P 500 grabbed 175.03 points, or 7%, to 2,662.68, led mostly by techs, utilities and material stocks.
The NASDAQ Composite jumped 540.16 points, or 7.3%, to 7,913.24. Shares of Wayfair Inc., rocketed about 40% higher Monday after the online home goods retailer said its business had more than doubled in late March, the period when Americans started to be confined to their homes.
Investors keyed on signs that the spread was slowing in New York City, the urban metropolis reporting the highest number of cases in the U.S. The latest data showed that the city saw its first decline in coronavirus fatalities, but analysts warned it’s unclear if this would represent a lasting trend.
A falling number of deaths in Spain and Italy also buoyed investors who have seen Europe as a proxy of how long it might take for the disease’s spread to abate in the U.S.
JP Morgan Chase & Co. shares rose 4.7% as CEO Jamie Dimon said in his annual letter to shareholders that the bank had sufficient capital to get through even the most adverse scenario, but conceded the bank’s 2020 earnings would be "meaningfully" lower.
Shares of Wayfair soared 38% after the online retailer said business had more than doubled due to the coronavirus outbreak.
3M Co. was in focus after the company said a news report alleging the U.S. had seized shipments of N95 respirators headed for Berlin were “inaccurate.” Shares were hoisted 5.2%,
Prices for the 10-Year U.S. Treasury sagged, lifting yields to 0.67% from Friday’s 0.62%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.92 to $26.42 U.S. a barrel.
Gold prices traveled higher $61.70 to $1,707.40 U.S. an ounce.
